3.6 Currency Options

Create New Currency

To add a new currency in Nexved CRM, follow these steps:

1. Navigate to: Setup -> Finance -> Currencies.

2. Click on the New Currency button.

3. Currency Code: Enter the valid ISO currency code for the currency you are adding. This code will be used when sending the currency code to online payment gateways.

4. Currency Symbol: Add the appropriate currency symbol (e.g., $, €, £, etc.).

5. Save the new currency.

If this currency is your base currency, mark it as the base currency by clicking on the star icon next to the currency.

Base Currency

By default, Nexved CRM records all transactions (invoices, estimates, expenses, proposals) in the base currency set for your system. Keep in mind that:

• Once you record transactions using a currency, you cannot change the base or customer currency after the transactions are saved.

• The base currency is critical for internal record keeping and financial calculations, so ensure this is set correctly before any transactions are entered.

Recording Transactions in a Different Currency

While the base currency is fixed, you can still record transactions in a different currency for individual customers. This is possible by setting a customer-specific currency. Here's how:

1. Navigate to Customers -> Select the customer.

2. Set the currency for the customer in their profile.

Once the customer currency is set, any future transactions (e.g., invoices) linked to that customer will automatically be recorded in the currency you’ve selected for that customer.

Changing Customer Currency

• If a customer has already recorded transactions, you cannot change their currency directly. To change the currency for an existing customer:

  1. You must delete all previously recorded transactions for that customer.

  2. Once the transactions are deleted, the ability to change the customer currency will be enabled.

Customer-Specific Currency in Transactions

• When creating a new invoice or other transaction, select the customer, and the currency will automatically change based on the currency set for that customer.

• For all future transactions involving that customer, their currency will be automatically selected.

Summary of Currency Settings:

• Create New Currency: Add currency code and symbol in Setup -> Finance -> Currencies.

• Base Currency: Only one currency can be the base. Changing it after transactions are recorded is not possible.

• Customer Currency: Set a specific currency for each customer in their profile.

• Change Customer Currency: Deleting all previous transactions is required to change a customer’s currency.

• Automatic Currency Selection: For future transactions, the selected customer currency will be used automatically.

This setup allows you to easily manage multiple currencies in Nexved CRM, ensuring accurate transaction records for customers who use different currencies.